m-Commerce: The Future!

Category: Super Merchants

m-Commerce: The Future!

m-Commerce: The Future!

In 2014, global m-Commerce revenues were $184 billion which is poised to increase to $669 billion by 2018*.

These figures are a testimony to staggering growth of mobile retail commerce in recent times, primarily led by deeper smartphone penetration across the world. In terms of regions, Asia has witnessed the highest growth in mobile commerce, which is not surprising given the population of Asia as a continent and the pervasiveness of the smartphone across the continent.

In multiple surveys, shoppers across the world have agreed that modern mobile sites are safer and easier to use, than ever before. Clearly, there has been a sea change in UX (User Experience) of a mobile site or a mobile app, leading to greater affinity towards mobile shopping. However, the growth of mobile commerce is due to some key factors:

  1. Pervasiveness of Digital Wallets: Across the world, there has been a steady increase in the adoption of digital wallets, which has had its effect on mobile commerce numbers growing. In countries like India, clearly there has been a faster than usual growth in m-commerce, led by the government’s push towards non- cash transactions. The phenomenon of digital wallets has changed the mobile commerce industry worldwide and it is not just limited to developing countries.
  2. Increased Trust: Over time, consumers have increasingly felt more comfortable shopping on mobile. Trust has led greater adoption of m-Commerce across geographies. The trust has been built by the convenience offered by m-Commerce which has been lapped up by the consumers across the board.
  3. Checkouts in a Jiffy: One-page checkouts coupled with the adoption of digital wallets has made checkouts hassle free and has led to greater mobile conversion. If the consumer can quickly buy his or her product, he or she will surely visit the site again to make a purchase.
  4. Increased Awareness: In an interconnected world, a consumer anywhere can learn about m-Commerce and its growth. The stupendous growth has created an urge amongst shoppers to jump the m-Commerce bandwagon and experience shopping at his or her fingertips.

At PayTabs we have been enabling m-Commerce by offering a comprehensive payment solution fully optimized for mobile. Sign up for a free demo to experience the power and flexibility of our solution.

*Data Source: Statista

Blockchain: Driving the Future of FinTech

Blockchain: Driving the Future of FinTech

Every once in a generation, comes a paradigm shift in innovation, that changes the way we engage in our daily lives enabled by technology. Be it the Internet in the 1980s or the penetration of smartphones, a decade ago. The Internet and Smartphones have fundamentally changed some of our key actions as human beings! Such has been their impact to human evolution!

Well, Blockchain is another technology rising on the horizon, poised to change the way we deal with enterprises or a government body for that matter. As of today, Blockchain is only being applied to the outer realms of financial services, more specifically, cryptocurrencies.

What is Blockchain?

Quite simply put, it is a grow list of blocks of records which are linked and secured using cryptography, meaning such blocks of records are connected and encrypted for security purposes. In terms of application of the theory, it is an open and distributed ledger that can record transactions between two parties in an efficient manner that’s verifiable and permanent in nature.

How is the Fintech Industry leveraging Blockchain?

In a way, cryptocurrencies are a part of the Fintech Industry and their entire business model is based on blockchain, wherein they offer virtual currency to anyone who can purchase parts of one unit of that currency and keep trading with that part, thereby making money in the process. Buying cryptocurrencies is also considered as a long-term investment by many. The beauty of these virtual currencies is that fact that because they have been built on blockchain, they are decentralized in the sense that there is no central bank governing them.

In Brazil, recently they have managed to lower exchange rates in the currency and bullion markets using blockchain. There are exchange startups who are leveraging blockchain based efficient automation processes to lower exchange rates.

Because of its existing nature of application, blockchain has been at the forefront of some path breaking innovation done by Fintech startups across the world. Whether it is money transfers, currency exchanges or organizations providing infrastructure and transaction protocols that enables banks to provide financial settlement at lower rates, Blockchain is driving new age innovations across the Fintech landscape.

In fact, we at PayTabs have been working on Blockchain as well. We are currently in the process of developing a payment distribution system using Blockchain.

To understand the full scope and power of the payment solution that we offer, you are most welcome to sign up for a free demo. Moreover, please feel free to comment below if you have any questions or any insights.

Technology: A Key Differentiator for PayTabs

Technology: A Key Differentiator for PayTabs

“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke (Author)

The world of payment solutions has evolved dramatically in recent times, given the growing need of global e-commerce. Most merchants nowadays require a comprehensive solution to take care of their payment needs, whether it is in a single store environment or a marketplace environment. Even offline merchants need payment solutions to effectively manage their orders, especially in the context of international payments. The modern day customer expects no short of magic while paying for a product online, irrespective of the environment. Thankfully, the technology has evolved drastically in recent times to create nothing sort of magic for customers, irrespective of their expectations.

The payments landscape has broadened as the world has shrunk and the need for multiple currencies, alternative payments, split payments, recurring payments rolled into one solution has become an imperative for merchants of all sizes. Apart from the different features in a payment solution, what is required is the ability of the solution to integrate in various ways and provide a wide range of integration capabilities for multiple shopping carts, in the context of e-commerce.  Apart from features of a payment solution, an ideal solution should have a secured technology backend.

In the light of the growing e-commerce landscape, PayTabs has the technology to add business value for any merchant. Key elements of the technology are as follows:

  • 160+ Currencies accepted on the platform.
  • Whether it’s multiple channels, schemes, acquiring banks, multiple shopping cart platforms, security infrastructure and systems, risk management and merchant services, we have you covered in all aspects in the context of building, operating and growing your e-commerce business.
  • Dual layers of fraud management infrastructure, dedicated fraud and account management.
  • 130+ alternative payments options designed to intelligent recommend you options that support your overall business goals.

To fully experience the power of the PayTabs solution, sign up for a free demo or contact us for more information. Feel free to provide insights or comments below.

Cashless in India

Cashless in India

Sleepless in Seattle: Remember the Hollywood movie from the 90s starring Tom Hanks and Meg Ryan. As it turns out, it was not a very happy story, as the protagonist grieves his wife’s death and he cannot sleep after moving base from Chicago to Seattle.

On the contrary, given the Digital India revolution and the growing adoption of multiple forms of digital payments in India, it is definitely a good time to be Cashless in India.  The current revolution of digital payments stretches much beyond being only as a result of demonetization. The consumer’s adoption rate couple with the government’s push in creating a cashless economy has been unprecedented.

Despite all the hoopla around digital payments and going cashless, India still remains low in banking penetration and cash has been the de-facto transaction medium for most in the country. Hence the scale of the revolution is yet to realize its full potential.  The government’s continued push towards digitization through BHIM, UPI and Payments Banks has really scaled the digital payments landscape in India.  It’s all about financial inclusion through digitization. Needless to say, there’s a lot of ground to be covered, given India’s population but the growth trend puts the country on track to achieve its digital payments ambitions.

You must be wondering that if there’s so much action happening in the domestic digital payments space in India, what about international digital payments? Well, the scope on the international payments space is exciting as well from an Indian perspective. India is one of the fastest growing markets for cross border payments, recording an estimated volume of $260 bn+ in exports and $400 bn+ in imports*.

We at PayTabs provide you with a seamless payments solution that helps you accept payments in multiple currencies and the amount gets credited to your account in INR. Sign up for a free demo to experience the power and flexibility of our solution.

*Data Source: Economic Times

Realizing the Potential of E-Commerce in Philippines

Realizing the Potential of E-Commerce in Philippines

Philippines has always been ahead of the curve in ASEAN when it comes to embracing mass market technologies. First it started with SMS, and then came Facebook penetration, which is really high (50% +) in Philippines, as per recent studies.

What’s the future for Philippines?

Well, all indicators point out that Philippines is ripe for an e-commerce boom. E-Commerce is projected to grow at a 10 year CAGR of 34% with e-commerce accounting for 4.7 % of total retail in the country*. The Asia Pacific nation has witnessed a large number of merchants taking to e-commerce to sell their goods locally and globally without really pumping in capital.  It is a classic case of e-commerce adoption by merchants.

The ingredients for a massive e-commerce boom are already in place in Philippines. It is not just SMS & Facebook penetration. Smartphone penetration in the country stands at 117%, which is among the highest in the world, according to IDC research. The rise of smartphones in the Pacific Island nation is a good ingredient for sustaining a strong and robust mobile commerce landscape. Mobiles will play a key role in e-commerce growth in Philippines, as not many can afford laptops.

As a testimony to the potential to mobile commerce, 60% of shoppers on Lazada, shop through the mobile^. Lazada is Philippine’s largest online marketplace.  While releasing an e-commerce roadmap for the country, last year, Philippines’ Department of Trade and Industry has pointed out that the country’s 930k+ MSMEs are being urged to leverage e-commerce to tap the global marketplace and achieve business growth. The pacific island nation’s government has been pushing MSMEs to enter the global value chain & gain global market access via e-commerce.

This goes to show that Philippines is poised to make a huge mark in the global e-commerce landscape. As MSMEs from the country seek global market access through e-commerce, we at PayTabs are committed to Philippines by providing a truly global payments solution, which keeps international payment worries at bay for merchants in Philippines. Sign Up for a Free Demo to experience the true value of PayTabs.

*Data Source: Report by Google & Temasek 

^Data Source: ASEAN 2017: Prosperity for All Summit